Libra Association, a Swiss organization created by Facebook to oversee its digital currency, Libra, has announced that it will launch a reward program for participants who find critical gaps in cryptocurrency code to be launched in early 2020.
The consortium, which is in charge of managing the Libra network and financial reserves, gives security researchers up to $ 10,000 to report serious error.
The development comes despite concerns raised by the Group of Seven industrialized nations and the US Congress about the risk of Libra becoming a sovereign currency that could be used to launder money and other criminal activities.
“If people are going to rely on Libra for their daily financial needs, it is critical that the infrastructure behind it be reliable and secure,” Michael Engle, head of the Libra developers ecosystem, wrote in a blog.
He added : “Our rewards program is designed to encourage members of the security community to search deeply, so that they can help us find the most accurate mistakes.”
Facebook entered the next phase of Libra’s development with the launch of the error rewards program, despite extensive regulatory reaction.
Facebook has previously invited 50 security researchers to study the network before opening it for public scrutiny through the HackerOne platform, a cybersecurity testing service that links security-minded companies and error hunters.
Libra wants to detect errors before launching blockchain services because it is difficult to adjust the route once they are launched. Although a number of partners have retreated from public support for Libra, the bonus program makes it clear that Facebook remains committed to its cryptocurrency plans.